Consumer borrowing in the U.S. increased in November as an improving economy emboldened Americans to take out school and auto loans, Bloomberg News reported yesterday. The $14.1 increase in total credit followed a revised $16 billion gain in October, Federal Reserve figures showed today in Washington, D.C. Revolving debt, including credit card balances, fell by $946 million, the first drop in three months and following a $1.48 billion advance in October, yesterday’s figures showed. Non-revolving credit, which includes car and education loans, gained $15 billion in November after advancing $14.5 billion in the previous month. Federal lending to consumers, which mostly entails school tuitions, increased by $5.8 billion before seasonal adjustments, after rising $5.1 billion in October.
